RVLT Division, Tri-State LED, Provides $545K in LED Tube Technology for Garage Project at Westchester's Ridge Hill Shopping Center; Company Completes $1.6M in Garage/Parking Retrofits in Last Three Months
STAMFORD, CT--(Marketwired - December 03, 2015) - Revolution Lighting Technologies (NASDAQ: RVLT), a leader in advanced LED lighting technology solutions, today announced that its operating division, Tri-State LED, provided RVLT G3 LED tubes for a two-phase LED retrofit project of the parking facilities at Westchester's Ridge Hill shopping center, located in Yonkers, NY. The property is managed by Forest City Ratner Companies.
The first phase of the project was completed in Q4 of 2014, and included a retrofit of two parking garages with RVLT's G3 LED tubes. The second phase was completed in Q3 2015, and involved a retrofit of three additional parking garages and the rooftops. Total cost for both phases was $545,000, and the payback after project incentives will be only two years. Tri-State worked closely with both Forest City Ratner Companies, and project electrician, All Bright Electric, achieving its core project goals:
Reduce operating expenses through superior efficiency. RVLT's LED tubes are 60% more efficient than fluorescent, and will save $1.5M over five years.
Reduce ongoing maintenance costs through LED's superior lamp life of 70,000 hours, combined with a 10 year warranty.
Positively impact light pollution, limiting diffusion of light throughout surrounding areas.
Enhance garage safety through LED's increased light output versus fluorescent lighting.
Address environmental initiatives to reduce CO2 emissions through LED's superior efficiency.
"Tri-State was extremely supportive in addressing the complex needs of this project and took the time to facilitate all of our concerns. The project needed to meet environmental issues, light emission, quality of lighting, energy savings and reduced maintenance costs collectively. Each and every initiative was met and the coordination and scheduling of the project completed in a professional and timely manner," said Andrew Hardy, General Manager, Forest City Ratner Companies. "The product has not only offered substantial savings yielding long term NOI benefits but has provided a brighter, cleaner appearance in our garages providing our guests with an even greater sense of security and comfort."
The United States has approximately 40,000 parking garages costing owners more than $6 billion annually on lighting energy costs, representing a tremendous market opportunity for Revolution Lighting Technologies. In addition to RVLT's latest project with Forest City Ratner Companies, the Company has recently provided an additional $1,050,000 in LED lighting solutions for parking facilities/garages across the U.S., for a total of $1.6 million in projects over the past three months.
"We are excited to work with Forest City Ratner Companies to achieve their goals through the use of our market leading G3 LED tube, reducing energy use by more than 60% throughout their garage areas," said Robert V. LaPenta, CEO and Chairman of Revolution Lighting."As the broad adoption of LED lighting continues throughout parking areas, selection of our G3 LED tube by Forest City Ratner Companies speaks directly to the quality and customer satisfaction that RVLT's LED products deliver reduced operating expenses, exceed environmental initiatives, and enhance safety through superior light quality."
About Revolution Lighting Technologies, Inc.
Revolution Lighting Technologies, Inc. is a leader in the design, manufacture, marketing, and sale of LED lighting solutions focusing on the industrial, commercial and government markets in the United States, Canada, and internationally. Through advanced technology and aggressive new product development, Revolution Lighting has created an innovative, multi-brand, lighting company that offers a comprehensive advanced product platform. The company goes to market through its Seesmart brand, which designs, engineers and manufactures an extensive line of high-quality interior and exterior LED lamps and fixtures; Lighting Integration Technologies Inc., which sells and installs Seesmart products; Lumificient, which supplies LED illumination for the signage industry; Relume Technologies, a leading manufacturer of outdoor LED products; Sentinel, a revolutionary, patented and licensed monitoring and smart grid control system for outdoor lighting applications; and Energy Source, a full service turnkey solutions Provider and installer of LED technology. Revolution Lighting Technologies markets and distributes its products through a network of independent sales representatives and distributors, as well as through energy savings companies and national accounts. Revolution Lighting Technologies trades on the NASDAQ under the ticker RVLT. For additional information, please visit www.rvlti.com.
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Link: Revolution Lighting Technologies Provides LED Lighting Solutions for Forest City Ratner Companies Parking Facilities